The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGL Resources Inc. COM 001204106 4,483 82,247 SH   SOLE   0 0 0
AT&T Inc. COM 00206R102 4,199 125,000 SH   SOLE   0 0 0
AbbVie Inc. COM 00287Y109 5,019 76,700 SH   SOLE   0 0 0
Air Products & Chemicals Inc. COM 009158106 3,859 26,755 SH   SOLE   0 0 0
Alliant Energy Corp. COM 018802108 3,546 53,389 SH   SOLE   0 0 0
Altria Group Inc. COM 02209S103 4,211 85,459 SH   SOLE   0 0 0
Ameren Corp. COM 023608102 1,392 30,165 SH   SOLE   0 0 0
American Electric Power Co. COM 025537101 3,194 52,600 SH   SOLE   0 0 0
Atmos Energy Corp. COM 049560105 3,278 58,800 SH   SOLE   0 0 0
Avery Dennison Corp. COM 053611109 1,411 27,199 SH   SOLE   0 0 0
Avista Corp. COM 05379B107 2,125 60,100 SH   SOLE   0 0 0
B&G Foods Inc. COM 05508R106 3,259 109,000 SH   SOLE   0 0 0
Bristol-Myers Squibb Co. COM 110122108 295 5,000 SH   SOLE   0 0 0
CMS Energy Corp. COM 125896100 3,840 110,500 SH   SOLE   0 0 0
CenterPoint Energy Inc. COM 15189T107 4,574 195,200 SH   SOLE   0 0 0
Chevron Corp. COM 166764100 3,814 34,000 SH   SOLE   0 0 0
Clorox Co. COM 189054109 5,211 50,000 SH   SOLE   0 0 0
Coca Cola Co. COM 191216100 1,984 47,000 SH   SOLE   0 0 0
Conagra Foods Inc. COM 205887102 363 10,000 SH   SOLE   0 0 0
ConocoPhillips COM 20825C104 3,729 54,000 SH   SOLE   0 0 0
Consolidated Edison Inc. COM 209115104 4,046 61,301 SH   SOLE   0 0 0
DTE Energy Co. COM 233331107 3,260 37,740 SH   SOLE   0 0 0
Dominion Resources Inc. COM 25746U109 4,552 59,200 SH   SOLE   0 0 0
Dow Chemical COM 260543103 3,330 73,000 SH   SOLE   0 0 0
Dr Pepper Snapple Group COM 26138E109 2,867 40,000 SH   SOLE   0 0 0
Dupont E.I. De Nemours COM 263534109 3,290 44,500 SH   SOLE   0 0 0
Duke Energy Corp. COM 26441C204 4,194 50,200 SH   SOLE   0 0 0
Eaton Corp. PLC SHS G29183103 4,037 59,400 SH   SOLE   0 0 0
Emerson Electric Co. COM 291011104 3,766 61,000 SH   SOLE   0 0 0
Firstenergy Corp. COM 337932107 3,889 99,743 SH   SOLE   0 0 0
General Electric Co. COM 369604103 5,099 201,800 SH   SOLE   0 0 0
General Mills Inc. COM 370334104 2,864 53,700 SH   SOLE   0 0 0
Intel Corp. COM 458140100 1,909 52,600 SH   SOLE   0 0 0
IShares RUS 1000 GRW ETF 464287614 26,962 282,000 SH   SOLE   0 0 0
Johnson & Johnson COM 478160104 4,266 40,800 SH   SOLE   0 0 0
Kimberly-Clark Corp. COM 494368103 4,529 39,200 SH   SOLE   0 0 0
Kinder Morgan Inc. COM 49456B101 4,400 104,000 SH   SOLE   0 0 0
Kraft Foods Group Inc. COM 50076Q106 4,305 68,700 SH   SOLE   0 0 0
The Laclede Group Inc. COM 505597104 4,900 92,100 SH   SOLE   0 0 0
Leggett & Platt Inc. COM 524660107 4,887 114,700 SH   SOLE   0 0 0
Lockheed Martin Corp. COM 539830109 4,622 24,000 SH   SOLE   0 0 0
McDonald's Corp. COM 580135101 3,814 40,700 SH   SOLE   0 0 0
Merck & Co. Inc. COM 58933Y105 4,259 75,000 SH   SOLE   0 0 0
Metlife Inc. COM 59156R108 1 10 SH   SOLE   0 0 0
Microchip Technology Inc. COM 595017104 2,815 62,400 SH   SOLE   0 0 0
National Westminster Bank PLC PFD 638539882 6,138 235,000 SH   SOLE   0 0 0
New Jersey Resources Corp. COM 646025106 3,758 61,400 SH   SOLE   0 0 0
Newtek Cap Inc. NPV COM 652526203 35 2,400 SH   SOLE   0 0 0
Nextera Energy Inc. COM 65339F101 3,401 32,000 SH   SOLE   0 0 0
Northeast Utilities COM 664397106 3,880 72,500 SH   SOLE   0 0 0
PG&E Corp. COM 69331C108 3,124 58,676 SH   SOLE   0 0 0
PPL Corp. COM 69351T106 2,766 76,142 SH   SOLE   0 0 0
Paychex Inc. COM 704326107 4,834 104,700 SH   SOLE   0 0 0
Pepsico Inc. COM 713448108 1,986 21,000 SH   SOLE   0 0 0
Pfizer Inc. COM 717081103 4,610 148,000 SH   SOLE   0 0 0
Philip Morris Int'l, Inc. COM 718172109 2,973 36,500 SH   SOLE   0 0 0
Piedmont Natural Gas Co. COM 720186105 4,847 123,000 SH   SOLE   0 0 0
Pinnacle West Capital COM 723484101 3,545 51,900 SH   SOLE   0 0 0
Portland General Electric Co. COM 736508847 3,412 90,200 SH   SOLE   0 0 0
Proctor & Gamble Co. COM 742718109 5,283 58,000 SH   SOLE   0 0 0
Public Svc Enterprise Group COM 744573106 2,050 49,500 SH   SOLE   0 0 0
Reynolds American Inc. COM 761713106 2,571 40,000 SH   SOLE   0 0 0
SCANA Corp. COM 80589M102 3,829 63,400 SH   SOLE   0 0 0
South Jersey Industries COM 838518108 4,325 73,400 SH   SOLE   0 0 0
Southern Co. COM 842587107 4,469 91,000 SH   SOLE   0 0 0
Spectra Energy Corp COM 847560109 2,178 60,000 SH   SOLE   0 0 0
Sysco Corp. COM 871829107 4,477 112,800 SH   SOLE   0 0 0
TECO Energy Inc. COM 872375100 3,621 176,700 SH   SOLE   0 0 0
Target Corp. COM 87612E106 3,378 44,500 SH   SOLE   0 0 0
3M Company COM 88579Y101 4,190 25,500 SH   SOLE   0 0 0
Time Warner Cable Inc. COM 88732J207 189 1,244 SH   SOLE   0 0 0
Vanguard FTSE DEV MKT ETF 921943858 51,907 1,370,300 SH   SOLE   0 0 0
Vanguard FTSE EMR MKT ETF 922042858 68,794 1,719,000 SH   SOLE   0 0 0
Vectren Corp. COM 92240G101 3,264 70,600 SH   SOLE   0 0 0
Vanguard VALUE ETF 922908744 14,465 171,200 SH   SOLE   0 0 0
Vanguard TOTAL STK MKT 922908769 119,994 1,132,015 SH   SOLE   0 0 0
Verizon Comm. Inc. COM 92343V104 4,444 95,000 SH   SOLE   0 0 0
WGL Holdings Inc. COM 92924F106 5,189 95,000 SH   SOLE   0 0 0
Waste Management Inc. COM 94106L109 5,768 112,400 SH   SOLE   0 0 0
Westar Energy Inc. COM 95709T100 4,801 116,423 SH   SOLE   0 0 0
Williams Companies COM 969457100 3,595 80,000 SH   SOLE   0 0 0
Xcel Energy Inc. COM 98389B100 4,911 136,709 SH   SOLE   0 0 0